In The Beginning_Nov 2015

Where to start?
What to buy?
How much to pay?
Local or ship?
Restore or cafe?
Worry about resale value?

Well to start with, this project did not start in Nov 2015.
The questions were endless as the original plan started to materialize around 2010.  Past motorcycles come and gone, as well as present bikes, all required routine attention and maintenance.  Well, not always routine, but working on bikes on and off for 30 years had provided a solid base and understanding for the fundamentals and more.  I wanted a project where the process was as much about the journey as the destination.  Although the destination had to connect with an iconic brand, solid lines, a plentiful aftermarket and interesting character.  Upon considering several brands I'd owned in the past, a friend Peter J suggested Moto Guzzi.  I'd never owned a Moto Guzzi and had always wanted to.  Mid 70's seemed about right and the 850T or T3 struck the right balance of simple to work on and great looking in stock form, yet good bones for a cafe base.
In the past I had rarely purchased new, and had always purchased very well sorted bikes which later often sold for what I'd paid or more.  It was time to try a real 'project'.  Pulling the trigger would take more than 5 years of searching and doubt.  Doubt at the 11th hour kept me from a first purchase attempt; would I really have the will to spend the time and money necessary, and stick with it to completion?
Routine searches of CycleTrader, Craigslist and Oodle revealed a small but steady stream of potential candidates.  A key issue was to ensure the bike was not too far gone nor too stock and/or restored.  Local was also better as visual inspection was preferred.  I kept lists of model years, locations, mileage and asking price; in excess of 67 bikes were identified during that time, including the odd Convert or V50 but mostly 850T or T3 models.  It was not clear whether prices were rising, but over time it became evident that the number of potential candidates was diminishing.  I've kept track of these stats for future reference, but in the end, no matter how good the project turns out, I know that I will have spent more money and (way) more time than the final bike will be worth.
As you can see in other posts, I eventually negotiated the purchase of a 1975 Moto Guzzi 850T which fell in the middle of the basket-case vs too pristine continuum.